In this case study, an independent trader uses Micro CME FSPI NHL Index futures to express a directional bullish view and capitalize on mispriced offensive expectations for the month of November.

• Baseline index level: Following the final October games, the CME FSPI NHL Dallas Stars Index (NHLDAL) closed at 7,413.50, establishing the official starting benchmark before November play begins.
• Market-implied expectation: The November futures price of 7,600 reflects a market expectation of an 186.50-point increase in the index over the course of the month (representing the 7,600 contract price minus the October 31 spot close of 7,413.50).
• Investor thesis: Despite ranking 25th in league scoring during October (29 goals / 2.64 per game), Dallas’s underlying chance-creation metrics suggest a strong upward mean reversion. The trader expects the Stars to outperform the market’s priced-in baseline (+186.50 pts) and capture a monthly milestone performance bonus.
• Trade structure: To gain capital-efficient directional exposure, the trader buys 100 Micro CME FSPI (DALHM) contracts at 7,600.00 ($0.10 multiplier per point × 100 contracts = $10-per-point position sensitivity).

Note: At the start of every season, all team indexes reset to 7,500 (Rule 2601; Methodology §3.C). View the full FSPI index methodology.  

1. Establish the baseline: Buyers and sellers on Globex express their expectations for where the Dallas index will close at November month-end, discovering a November futures price of 7,600.
2. Execute the trade: The trader, anticipating that Dallas will outperform the market baseline, buys 100 November Micro futures contracts at 7,600  to establish a long position.
3. Secure the transaction: Globex instantly matches the buy order with a seller, and CME Clearing steps in as the central counterparty  to guarantee financial performance for both sides.
4. Post the performance bond The trader's futures commission merchant (FCM) holds the initial margin as collateral ($19,000 for 100 contracts). This remains the account holder's asset, to be returned when the position closes.
5. Mark-to-market daily: To prevent risk accumulation, gains and losses are calculated and settled in cash daily.
6. Cash-settle at expiry: When the contract month ends, the position cash-settles directly to the official index close.

• Cash deposited: $25,000.00

• Initial margin (100 × $190): $19,000.00

• Free cash remaining: $6,000.00

• Total notional exposure: $76,000.00

• Position: Long 100 DALHM November contracts at 7,600

• Futures entry price: 7,600

• Final settlement (9:00 a.m. CT): 8,161.65

• Official index outcome: +748.15 pts (+10.1%) [Games: +623.15, Milestone: +125.00]

• Performance beyond market expectation: +561.65 pts

*Total equity at expiry = $25,000 initial deposit + $5,616.50 cumulative P/L = $30,616.50

• Market expectations: The futures entry price of 7,600 meant +186.50 points of November index growth were already priced into the market.

• Outperformance drive: Dallas ultimately delivered +748.15 points of total growth, allowing the long position to capture +561.65 points beyond initial market expectations.

• Milestone bonus impact: The team’s +125 monthly most goals bonus was officially applied on December 1 (T+1), directly boosting the final cash settlement.

• Variation margin and risk: Because gains and losses settle in cash daily, losses accrue immediately during downturns (as seen in the first week). This margin-based structure amplifies both gains and losses identically.

_{Disclaimer: Hypothetical example for educational and informational purposes only. Nothing herein constitutes investment advice or a recommendation, offer or solicitation to buy or sell financial instruments. Futures trading involves substantial risk of loss. Illustration based on FSPI historical simulation of the 2025-26 NHL season.}